Exxon Mobil buys into Ghana oil

Massive, but recently dormant, global energy company Exxon Mobil has bought a US$4 billion stake in an offshore oilfield near Ghana, according to The Wall Street Journal.

The deal, which is reported to be Exxon’s first major purchase in around a decade, has prompted surging share prices for all parties involved, especially Tullow Oil, the operator of the Jubilee Field in question.

“Exxon potentially coming in as a partner would be very good. It gives a lot of credibility to the project,” Tullow CFO Ian Springett said, quoted by the Wall Street Journal.

Texas-based Exxon has purchased few major assets in the recent past, with a company strategy instead focussed on cash accumulation and stock buyback, thus making the Ghana purchase a possible signal of direction change for the company.

Source: Baird Maritime